Ashes Prospect Yields Up to 10.65 g/t Gold and 2.2% Copper in Rock Chips

• Multi-element soil assays indicate porphyry copper-gold fertility at Ashes
• High-grade rock chip samples up to 10.65 g/t gold and 2.2% copper
• Strong Induced Polarisation (IP) anomaly remains open and underexplored
• Geochemical signatures closely resemble those of Northparkes deposits
• Plans underway for extended geophysical surveys and maiden drilling in 2025

Context and Significance

Adavale Resources Limited (ASX – ADD) has released encouraging results from its recent soil geochemical survey at the Ashes-Myalls prospect, part of its Parkes Project in central-western New South Wales. The project lies within the Lachlan Fold Belt, a prolific geological region hosting world-class gold and copper mines such as Northparkes and Cadia Ridgeway.

The multi-element soil assays, combined with rock chip sampling and reprocessed geophysical data, suggest the presence of a porphyry copper-gold system with geochemical affinities closely matching those of the nearby Northparkes deposits. This is a notable development for Adavale, which acquired the Parkes Project earlier this year and is rapidly advancing its exploration program.

Key Findings from Soil and Rock Sampling

The company collected 276 soil samples on a 200m by 100m grid and 26 rock chip samples across the Ashes-Myalls area. Analysis revealed a cluster of soils with elevated vanadium and scandium ratios, indicative of enhanced fertility for porphyry copper-gold mineralisation. Notably, rock chip assays returned impressive grades, including up to 10.65 grams per tonne (g/t) gold, 2.2% copper, and 158 grams per tonne silver.

These geochemical signatures are consistent with Ordovician host rocks similar to those at Northparkes, reinforcing the prospectivity of the area. However, soil assays for gold, copper, and silver showed subdued responses, likely due to surface leaching or dilution effects, underscoring the need for further sampling and drilling to better define mineralisation.

Geophysical Insights and Exploration Potential

Reprocessing of historical Induced Polarisation (IP) data has highlighted a strong chargeability anomaly (50mV/V) at Ashes that remains open to the north and has not been effectively tested by previous drilling campaigns in 2009 and 2015. This anomaly aligns spatially with the high vanadium-low niobium soil cluster and high-grade rock chips, providing a compelling target for follow-up exploration.

Adavale plans to extend IP surveying northward and conduct ground or drone magnetic surveys to complement existing datasets. These geophysical methods aim to refine drill targets ahead of the company’s maiden drilling program, scheduled for the second quarter of 2025.

Strategic Outlook and Next Steps

Executive Chairman and CEO Allan Ritchie expressed optimism about the findings, highlighting the effective use of modern multi-element geochemistry to enhance target definition. The company is also advancing exploration at other prospects within the Parkes Project, including London-Victoria, No Mistake, The Dish, and Front Gate.

With a strategic location adjacent to the giant Northparkes mine and a growing dataset supporting porphyry copper-gold potential, Adavale is positioning itself to unlock significant value through systematic exploration. The upcoming drilling campaign will be a critical milestone in testing the mineralisation hypothesis and potentially delineating a new deposit.

Bottom Line?

Adavale’s Ashes prospect is shaping up as a compelling porphyry copper-gold target, with upcoming drilling poised to reveal its true potential.

Questions in the middle?

• Will maiden drilling confirm the extent and grade of mineralisation at Ashes?
• How will extended geophysical surveys refine the targeting and exploration strategy?
• What are the implications of subdued soil assay responses for near-surface mineralisation?